Brazil's central bank on Monday released long-awaited rules for trading virtual assets, including cryptocurrencies, that will extend existing rules against money laundering and terrorism financing to virtual-asset service providers. Policymakers have said that stablecoins, which are less volatile than cryptocurrencies such as bitcoin, are used more for payments than investments, with many users seeking to bypass more heavily supervised and taxed traditional payment systems.
"New rules will reduce the scope for scams, fraud, and the use of virtual asset markets for money laundering," the central bank's director of regulation Gilneu Vivan said at a press conference.
